We all dream of achieving our first million and retire as millionaires. And the way to do this is to keep working for money, and also let our money work for us through investments.
We can have additional income sources and we can also lower our expenses. Let me share some of my wallet-friendly habits that you may consider trying.
Lower your Electric Bill
- We sleep in one air-conditioned bedroom.
- We changed our lightbulbs to CFL. You'll use 75 percent less energy, and you will notice the decrease in your electric bill. CFL also lasts 10 times longer than regular bulbs, so that is additional savings.
- We changed our really old appliances. Do you have ancient refrigerators and 15-year old airconditioners? You may think you're saving money by not buying new appliances. New refrigerators and airconditioners have energy-saver modes that save you 25 percent off your electric consumption.
Lower your Phone Bill
I have a postpaid plan which I renewed las June 2020 with a 10GB data allowance. Pre pandemic, I have never used up all of this data since most places I go to have wifi. And since I have been working from home and I rarely go out since the pandemic began, I only consume less than 1GB every month. I plan on getting a lower plan when I renew.Lower your Dining Expenses
- When dining out with friends or relatives, suggest to order large meals to share instead of ordering ala carte. This way, you not only get to save a bit, but you also get to maximize money.
- Save on drinks for yourself. I believe that water is the best beverage in the world, no sugar and no calorie. If I eat out five times a week, save P40 per meal, that's P200 savings per week or P800 savings per month. Invested for 20 years at 12% interest growth, that would make me P750,000 richer.
Pay in Cash
This is my rule whenever I shop. I do not like things I cannot afford. But if I really like it and I can't afford it yet, I will wait until my next income arrives so I can pay it in cash. Appliance and gadget dealers usually offer additional discount when items are paid in full.On another article, I will give you more ways on how to live rich for less.
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